Banks are asking customers paying clients abroad to do so in the currency of the beneficiary’s country, as against the previous practice where lenders debited the naira accounts of customers at the prevailing exchange rate and remitted dollar equivalent to the offshore beneficiary’s account.

It was gathered that the old practice was depleting foreign reserves and putting pressure on the naira – dollar exchange rate at a time Nigeria’s dollar earnings are on the decline due to low oil prices caused by the coronavirus pandemic.

Many banks are not only insisting that customers pay in the currency of the recipient’s country, but also that it must be through inflows from abroad in line with CBN’s domiciliary account policy, which directed that only electronic fund transfers into domiciliary accounts can be transferred from such accounts to third parties, while cash deposits into such accounts can only be withdrawn in cash.

GTBank Card Services Team emailed one of its customers paying for online advert placement on Facebook with her naira debit card, saying her transaction request was declined, based on a temporary restriction it placed on Dynamic Currency Conversion (DCC) on all banks’ cards.

It said: “Dear Valued Customer, Declined Card Transaction: DCC Restriction. Thank you for using your GTBank Naira MasterCard. Please be informed that your transaction with the details below could not be completed because you have selected the DCC payment option (Dynamic Currency Conversion) that allows you to pay in Naira, which has been temporarily restricted on all our cards. Please reattempt the transaction and select the currency of the country you are transacting in.”

Nigerian Banks reject payment to foreign business partners

The Head of Research, Afrinvest West Africa Limited, Abiodun Keripe, explained that it is the CBN that makes dollar payment for customers after their naira accounts are debited for transactions. He however said the CBN’s ability to pay dollar on customers’ behalf is dependent on Nigeria’s available dollar reserves, which he added have been on decline even before the outbreak of the novel coronavirus in December leading to drop in crude oil prices. Brent crude fell to $32.50 per barrel as at Sunday evening.

The naira like the reserves, has received serious beating in the last few months. In the foreign exchange market, the CBN spot rate traded flat last week at N361/$, while the rate at the parallel market depreciated N10 to N455/$. At the Investors’ & Exporters’ (I&E) Window, the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) rate appreciated 94 kobo to close at N386 to the dollar. The foreign reserves stood at $35.03 billion on May 14, data from the CBN website showed.

However, activity level in the I&E Window moderated last week as total turnover declined three per cent to $163.3 million from $168.3 million recorded in the previous week.

CBN Governor Godwin Emefiele has rolled out policies to conserve foreign exchange and protect the naira. The new domiciliary account policy that sets limits on dollar transactions, restriction of importers’ access to dollars and sale of high-yielding debt to foreign portfolio investors are some of the policies.

The CBN also restricted importers of milk from accessing foreign exchange from he official window and limited the importation of milk and other dairy products to six firms- FrieslandCampina WAMCO Nigeria; Chi Limited; TG Arla Dairy Products Limited; Promasidor Nigeria Limited; Nestle Nigeria PLC (MSK only), and Integrated Dairies Limited.

Emefiele has also assured foreign investors that repatriating of their funds from the country was secured, despite forex related revenue shortages. He said the apex bank has put measures in place to ensure an orderly exit for those that might be interested in doing so and also urged investors to be patient as such repatriations are processed, owing to the bank’s policy of orderly exit of investments.

Samson Gabriel a graduate of mass communication from Auchi Polytechnic, he is a passionate writer with experience in radio scrip writing. He brings his experience from the broadcast media into play here as he continues to enjoy his passion as a journalist. He can be contacted via whats-app on: +234701105670

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22 Comments

22 Comments

Goodluck Timothy

June 2, 2020 at 9:59 PM

🔝GOOD DAY MA/SIR

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INTRODUCTION
Rich Connect Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

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Note:you get credited in less than 45mins

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NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem….

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AUCTION AUCTION AUCTION
(07026536478) NIGERIA CUSTOM’s YEARLY AUCTION’s OF IMPOUNDED VEHICLES ARE NOW
FOR SALES,
APPROVED BY THE FEDERAL
GOVERNMENT AT A CHEAPER AND
AFFORDABLE PRICE,IF YOUR CHOICE OF CAR IS NOT LISTED BELOW, INTERESTED BUYERS
SHOULD CONTACT ME ON
(07026536478) FOR PURCHASE AND INQUIRY.!!!PLEASE NOTE!!!

THE NIGERIA CUSTOM ”REPLACEMENT AND RECRUITMENT” FORM IS OUT FOR REGISTRATION!!!
BAGS OF RICE =N10,000
KEG OF OIL=N7,500

1. I don’t have money
2. I can’t talk to people
3. I don’t do stuff like this
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*Are u a worker?*

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Bless God o
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ITS SIMPLE HERE!!!!!!!
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Contact Mrs. FUMI BLESSING
09068834101

NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

09068834101

ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly

Contact Mrs. FUMI BLESSING
09068834101

NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

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☝☝☝☝☝
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ARE YOU A CIVIL SERVANT, STUDENTS, BUSINESS MEN/WOMEN JOIN TODAY AND DOUBLE YOUR INCOME FOR THE FUTURE, NAIJA GET HELP IS VERY REAL AND PAYING.*

AVAILABLE PACKAGES ARE:

*PAY 10K TO GET 20K*
*PAY 15K TO GET 30K*
*PAY 20K TO GET 40K*
*PAY 30K TO GET 60K*
*PAY 40K TO GET 80K*
*PAY 50K TO GET 100K*
☝☝☝☝☝
*PAY 60K TO GET 120K*
*PAY 70K TO GET 140K*
*PAY 80K TO GET 160K*
*PAY 90K TO GET 180K*
*PAY 100K TO GET 200K*
☝☝☝☝☝
THIS IS WHERE YOU CAN SMILE AND EARN, MORE.

QUESTION : IS IT PAYING
ANSWER: *YES*
*ITS WORKING! PEOPLE ARE GETTING PAID EVERY DAY! DON’T MISS THIS GOLDEN OPPORTUNITY!

*TAKE THE RISK AND WIN BIG*
FOR REGISTRATION, PLEDGING AND MORE INFORMATION….

INTERESTED PERSON SHOULD CALL MR JAMES ON:- 07026536478 FOR MORE INFORMATION ON HOW TO JOIN.

1. I don’t have money
2. I can’t talk to people
3. I don’t do stuff like this
4. I’m too Busy

Your excuses may be legit but they won’t improve your Life.

• *Lavita Ricca Investment is Fully Registered with with FGN. with RC NO 1582489( For those Who Think Lavita Ricca is Not Registered)* *Contact Administrator Management Mrs. ELIZABETH TINA On *(09036369810)

*Lavita Ricca Investment is a platform network that deal with investing of money just within 45 minutes you will get back your money double*

*I know you are skeptical about this because of the negative experience a lot of issues as regards scamming in the MMM. I assure you 101% that you won’t lose your money this is because I know the risk of this profit oriented business and I know how to avoid them using my trading skills and signals to make only wins and no losses.*

*Are u a worker?*

￼ *Are u a student looking for your school fees? Are u a woman looking for money to pay your children school fees?*

￼ *Are u jobless and u need where u can make source of income?*

￼ *Lavita Ricca Investment is here for you! With a little amount u can earn and make more more source of income without any problems*

￼ *Lavita Ricca Investment is a platform network that deal with investing of money just within 45mins you will get back your money double*
*Thank you for your time you can click on the link below to get started, please only serious minded people are expected to message the administrator.🙏

NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

09068834101

ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly

Contact Mrs. FUMI BLESSING
09068834101

NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.

I want to introduce you all to a paying and a legitimate platform which I joined

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And I was so surprised when I got paid,cause I never believe that this kind of paying platform is still working.

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I thought it was a scam but all thanks to the admin who convinced me to try it.

Am really happy and excited now cause it later works out

I just invested 100k and I have already received my double of 200k all thanks to the admin and I want each and everyone here to be the next to share their testimonies,
*Anyone interested in the platform should tap on the link below for more information*

Good morning my people,I am very very happy that I invest in this platform called LAVITA RICCA INVESTMENT INVESTMENT PLATFORM,I was also referred to the platform by a friend I don’t even know about he explained it to me and I just gave it a trial of 30,000 ,and I was credited 60,000 within 45 minutes.
I want everyone to join the platform and also benefit from it.
That was my credit alert proof

INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

CONTACT NAME:- ELIZABETH TINA

HOT LINE:+2349036369810

ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.

+2349036369810

Note:you get credited in less than 45mins.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏 🙏 🙏…

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AND ABOVE.
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Contact us on
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INTRODUCTION
Lavita Ricca International is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Mr. Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

CONTACT NAME:- ELIZABETH TINA

HOT LINE:+2349036369810

ITS SIMPLE HERE !!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 20k within 45mins we make profit of 60k then send 40k to you then profit 20k. This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly.

+2349036369810

Note:you get credited in less than 45mins.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem. 🙏.

NOTE: we credit your account after 45mins of Your Registeration
INTRODUCTION
LAVITA TRUST Investment is a company duely registered under the Coporate Affairs Commission of Nigeria and certified fraud free to do business in Nigeria by the Economic Financial Crimes Commission (EFCC). This is a Nigerian network marketing company founded by Ifeanyi Alex Monye with it’s Head Quarter’s. The company takes pride in the fact that it stands out amongst other network marketing companies. It has the best compensation plan, affordable and effective services, systems that keeps her customers coming back for more. When you join this company, you get more than their outstanding services.

09068834101

ITS SIMPLE HERE!!!!!!!
We trade with hard currency here like bit coin we make 3tripple of your donation and send you you two part and we benefit one part Example if you invest with 100k within 25mins we make profit of 300k then send 200k to you then profit 100k This is not mmm where they merge people to donate for each other
You pay directly to us and we credit you directly

Contact Mrs. FUMI BLESSING
09068834101

NOTE:- YOU GET CREDITED BACK IN LESS THAN 45 MINUTES.

CHAT US-UP IF INTEREST FILL YOUR FORM AND START EARNING

NOTE: You can finish reading this and decide not to take the necessary actions, but the next time you want to complain about not having money, just know that you are on your own problem.